Wonodi – Nigeria’s 40,000MW Target Requires $65bn Investment

The Managing Director of Nigerian Bulk Electricity Trading Plc (NBET), Mr. Rumundaka Wonodi has stated that Nigeria would require $65 billion investment to achieve the 40,000 megawatts (MW) electricity generation capacity of a fellow African country, Egypt.

In a lecture delivered recently at the University of Benin, Edo State, Wonodi said it would evidently cost about $1.6 billion to produce and generate 1000MW of electricity.

He also stated that it was time for Nigerian universities to embrace global changes and make themselves centres of excellence in provision of critical manpower that will drive the country’s development.

“Nigeria’s vision 20:2020 targets a generation capacity between 20,000MW and 40,000MW. Even at the targeted generation capacity, Nigeria will still be very short of its energy requirements, compared to the countries that currently are in the top 20 bracket of largest economies in the world.

Even among peers, our country’s current per capita electric supply is critically low and this presents us with an opportunity and a challenge that our engineers and other experts must resolve,” Wonodi said.

He further noted: “From experience with developers, NBET can confirm that the cost of adding an additional 1000MW of supply is approximately US $1.6 billion.

Therefore to meet the 40,000MW that will bring Nigeria to the same per capita electricity generation as Egypt will require approximately $65 billion on the generation side alone, with about same again for the transmission and distribution segments.”

He explained that the investments in generation and distribution are largely expected to come from private sector investors, except for some private public partnerships in the development of the large hydro projects.

“On the other hand, government which is responsible for funding transmission is leveraging PPP as a model for transmission infrastructure,” he added.

Speaking on the need for universities to complement Nigeria’s development with standard curriculum, Wonodi said: “Education is the key to creating, adapting and spreading knowledge.

Basic education increases people’s capacity to learn and to interpret information. Higher education and technical training help to build a labour force that can keep up with a constant stream of technological advances, which compress product cycles and speed the depreciation of human capital.”

“Any aspirations for our emergence as the 20th largest economy in the Year 2020, is directly and fundamentally tied to our ability to produce the skilled and specialised human capital that will operate and manage the sophistication and complexity of the dynamic and evolving technologies of soft and hard infrastructure.

However, education in many developing countries remains of poor or mediocre quality, particularly, when it comes to the basic skills on which countries will depend to meet the needs of tomorrow’s job requirements,” he said.

He further stated that: “Universities have frequently been regarded as key institutions in processes of social and technological change and development. Indeed, the most explicit role they have been allocated is the production of highly skilled labour and research output to meet perceived economic needs.

The content of the curriculum must be adapted towards the needs of the labour market, in order to avoid the situation where there are very many unemployed graduates in the midst of gross human capital deficit. The universities which are on the front line must constantly reengineer their training to the needs of the society at any particular time.”

Curled from This Day Live

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